Valencia have agreed with veteran keeper Santiago Canizares to rescind the remainder of his contract from the start of next week.
The 38-year-old former Spain international, who had one-year left on his Mestalla deal, has been the club since 1998.
Canizares' last chance to play for the club comes against Atletico Madrid this Sunday, a day before his contract ends.
"I want to thank him for everything he has given this club. He has been an icon and we wish the very best of luck," said president Agustin Morera.
"We would have liked it all to have finished in a better way but he deserves to leave the club with a big send off."